Core Insights - The recent spending bill passed by Congress, supported by President Trump, includes significant tax cuts and provisions affecting various policy areas, including renewable energy [1][2] - The bill will phase out tax credits for large wind and solar projects starting from July 5, 2026, which could negatively impact Berkshire Hathaway's energy business [7][10] Company Overview - Berkshire Hathaway is a conglomerate with diverse business interests, including insurance, energy, mortgage, and transportation, and has a substantial portfolio in wind energy [3][4] - The company is the largest U.S. owner of wind-powered electric generation, with subsidiaries MidAmerican Energy and PacifiCorp owning approximately 3,400 wind turbines and generating around 10,100 megawatts of wind capacity combined [4] Financial Impact - Berkshire Hathaway Energy (BHE) has benefited significantly from tax credits, generating $3.7 billion in earnings in 2024 and realizing over $5.5 billion in income tax benefits from 2022 to 2024 due to these credits [5][6] - The elimination of tax credits may lead to increased costs and reduced attractiveness of wind projects for investors, potentially affecting future investments in renewable energy [6][10] Future Considerations - Berkshire is currently assessing the implications of the new legislation on its financial results and capital expenditures related to renewable energy projects [8] - Despite the challenges posed by the loss of tax credits, Berkshire's diversified revenue streams may provide resilience, allowing the company to navigate through economic cycles effectively [11]

Travel Disruptions - Government shutdown导致40个机场出现航班取消和延误 [1] - 航班减少可能是TSA排队人数稀少的原因 [1] - 旅客对旅行计划受阻表示担忧，特别是带着孩子的家庭 [3] - 部分旅客对航班减少表示理解，认为这有助于缓解人手不足的问题 [3] Alternative Transportation - 租车预订量增加，表明旅客正在寻找替代出行方式 [2]

Financial Performance - Adjusted EBITDA is up 29% for the quarter [2] - Trailing 12-month free cash flow reached $1 billion [2] - The company will complete a $500 million share repurchase in 2025 [6] Rider & Product Growth - Active riders grew by 18% in the third quarter [1] - North America is experiencing the strongest active rider growth, hitting all-time highs [2] - Gross bookings are at all-time highs [2] - Premium modes on the platform are up 50% year-over-year in Q3 [13] Market Opportunity & Strategy - The market has a large penetration opportunity with 300 billion personal vehicle trips across served markets [5] - The company is focused on a hybrid network, combining partnerships and potential asset ownership [12] - The company sees potential for 10% of volume to be served through AVs in 5-7 years [11] Partnerships & Acquisitions - Partnerships have the highest penetration rate ever [2] - The company has a United Airlines deal [3] - Acquisitions are contributing to performance [3] - Synergies are expected with the 1500 independent fleet operators engaged by TBR Global [14]

NYC mayor-elect Zohran Mamdani’s pledge to make the US’s largest public-bus system free has investors in the MTA’s $17 billion farebox bonds watching closely, since bus revenue helps repay the debt https://t.co/2P73Wohmh2 ...

Group 1: Legal and Regulatory Developments - The US Supreme Court is questioning the legality of President Trump's reciprocal tariffs, with Chief Justice Roberts emphasizing that imposing taxes is a core power of Congress [1] - Lower courts have ruled Trump's tariffs illegal, based on a questionable claim of emergency authority under the 1977 International Emergency Economic Powers Act [1] - If the Supreme Court upholds these rulings, the US government may need to refund over $80 billion in tariffs already collected [1] Group 2: Labor Market and Economic Indicators - US job cuts surged by 175.3% year-over-year in October, totaling 153,074, marking the largest increase in seven months and the highest for an October in 22 years [3][5] - Year-to-date job cuts have exceeded 1 million, the highest since the pandemic, with employers announcing the fewest hiring plans since 2011 [3] - The ongoing US government shutdown is impacting market sentiment and delaying government reports, adversely affecting the economy [8] Group 3: Corporate Earnings and Market Performance - 81% of S&P 500 companies reporting Q3 earnings have beaten expectations, indicating a strong earnings season, although profits are expected to rise by only 7.2% year-over-year, the smallest increase in two years [4][7] - The S&P 500 Index is down 0.19%, with the Dow Jones down 0.15% and the Nasdaq down 0.45%, reflecting concerns over the labor market [6] - Strong corporate earnings are providing support for stocks despite the cooling labor market [4] Group 4: Interest Rates and Bond Market - The markets are pricing in a 69% chance of a 25 basis point rate cut at the next FOMC meeting [2] - The 10-year T-note yield has decreased by 5 basis points to 4.11%, influenced by weak labor reports and expectations of continued Fed rate cuts [4][9] - European government bond yields are also declining, with the 10-year German bund yield down 0.7 basis points to 2.666% [10]

Core Insights - The U.S. private sector added 42,000 jobs in October, surpassing the expected 37,500 jobs, marking a recovery from the 29,000 jobs lost in September [3][6][11] - The job growth is primarily driven by the services sector, particularly trade, transportation, and utilities, which added 47,000 jobs, while education and healthcare contributed an additional 26,000 jobs [6][7] - Despite the positive job additions, the overall employment conditions remain weak, with declines in sectors such as professional business services, information, and leisure and hospitality [8][9] Employment Data - The ADP National Employment Report indicates that private payrolls increased by 42,000 jobs in October, a significant rebound from the previous month [3][6] - Wage growth for employees who remained in the same position increased by 4.5% year-over-year, while those changing jobs saw a 6.7% increase in October [6][10] - The goods-producing sector added approximately 9,000 jobs, led by natural resources and mining, but manufacturing lost 3,000 jobs [9] Sector Performance - The services sector was the main contributor to job growth, with notable gains in trade, transportation, and utilities, marking the strongest performance since February 2023 [7] - The leisure and hospitality sector experienced a concerning decline, shedding 6,000 jobs, which raises questions about consumer health and spending resilience [8] - Large companies (250+ employees) added 76,000 jobs, while small and midsize businesses (less than 250 employees) lost around 35,000 jobs [9] Economic Context - The ADP report has gained importance due to the government shutdown affecting the Bureau of Labor Statistics' ability to release employment data [4][5] - The current labor market data suggests stabilization but lacks significant momentum, which may influence Federal Reserve policymakers to consider interest rate cuts in December [5][7]

Core Insights - The article discusses the impact of technological change on the workforce, particularly focusing on the Labor Economy, which comprises 60 million U.S. hourly workers who contribute significantly to consumer spending and the economy [8][12][18]. Group 1: Historical Context and Workforce Transition - Historical examples illustrate how different groups adapt to technological changes, with blacksmiths transitioning to auto mechanics due to transferable skills, while lamplighters struggled to find new roles after the advent of electric lights [4][5][6]. - The Labor Economy is at a similar inflection point today, facing potential displacement due to advancements in artificial intelligence and technology [7][29]. Group 2: Characteristics of the Labor Economy - The Labor Economy drives $1.7 trillion in annual consumer spending in the U.S., with workers typically earning between $30,000 and $40,000 per year [8][18]. - Approximately 36% of U.S. workers participate in the Labor Economy, with high participation rates in transportation, hospitality, retail, and personal services [17]. Group 3: Financial Fragility and Spending Patterns - Labor Economy workers often experience financial fragility, with limited savings and difficulty covering emergencies, which impacts their spending and, consequently, the broader economy [20][21]. - Their spending patterns are closely tied to their work hours and pay schedules, making timely paychecks crucial for economic stability [22]. Group 4: Innovation and Technology in the Labor Economy - Digital platforms have emerged as essential tools for Labor Economy workers, providing flexible income opportunities and access to on-demand pay, which enhances financial control [24][26]. - The article emphasizes the need for upward innovation, where technology creates pathways to higher-skill jobs, requiring training and support for workers [14][30]. Group 5: Future of Work and Structural Changes - The future of the Labor Economy will depend on how technology, innovation, and new staffing models interact to create stability and opportunities for workers [27][31]. - There is a call for creating infrastructure that connects technological advancements with workforce inclusion, ensuring that workers can adapt and thrive in a changing economy [40][42].

Company News - CNBC's MacKenzie Sigalos reports on news regarding Uber [1]

Core Viewpoint - Ferrovial SE has declared an interim scrip dividend totaling EUR 342 million, with a per-share dividend of EUR 0.4769, and has accelerated the payment date to November 25, 2025, from December 3, 2025 [1][2]. Dividend Details - The dividend will be payable in shares or cash, depending on shareholder elections, with a default option for shares if no election is made [3]. - The election period for shareholders to choose their preferred payment method is ongoing and will end on November 11, 2025 [3]. Company Overview - Ferrovial is a leading global infrastructure company operating in over 15 countries with a workforce exceeding 25,000 [5]. - The company is listed on Euronext Amsterdam, the Spanish Stock Exchanges, and Nasdaq, and is part of Spain's IBEX 35 index [5]. - Ferrovial is recognized in sustainability indices, including the Dow Jones Best in Class Index, and adheres to the principles of the UN Global Compact [6].

RT goodalexander (@goodalexander)Why does the Uber to the airport in nyc cost more than the flight ...